Flannels is a premium brand which, like House of Fraser, is also owned by Mike Ashley's Sports Direct empire.

It sells expensive designer brands, some of which are owned by Mike Ashley, and stocks dresses topping £1,000 by the likes of Victoria Beckham and Vivienne Westwood.

Part of the group's premium brands, it is on a big expansion drive with plans to open 12 stores across the UK.

And unlike House of Fraser, which suffered a slump in sales by 7.4% in 2017 with operating profits down nearly 40% to £19.8m, Sport's Direct premium retail brands, including Flannels have seen an upsurge in sales to 161.1million in 2018.

House of Fraser is set to close in January 2019.

Steve Hughes, Chief Executive of Plymouth City Centre Company, said that the Flannels store in Plymouth, which opened in 2016, had been good for the city, and if the rumours are true, would be good for Exeter's city centre too.

He said: "From conversations I've had with the manager, the store is doing pretty well in Plymouth. We all know the challenges that the High Street is facing at the moment and some businesses are finding it really tough and others seem to have hit a bit of a sweet spot, like Flannels. It is upmarket and all about the brands and clearly there is a clientele with a disposable income for that kind of shopping experience."